Adani Group stocks zoom up to 10% in surprise rally. What's the good news?

Led by a 10% bounce in shares of Adani Green, all 10 stocks from billionaire Gautam Adani's belt ended in the green zone on Tuesday amid multiple triggers.

Adani Green, which ended locked in the 10% upper circuit, saw buying interest as market participants took note of the impressive line-up of investor meetings lined up in August.

Adani Green management will meet Avendus Spark, Emkay Global, and Motilal Oswal separately between August 16-22. Global brokerage firm Nomura has also shown interest in participating in a credit analyst and investor meeting on August 30.

Amid a spurt in volumes by 7 times, Adani Power shares also ended 9.2% higher at Rs 259.95. A similar buying interest was also seen in Adani Transmission which ended 8% up.

In a recent disclosure to stock exchanges, the Adani Group has declared that US-based GQG Partners has picked another 3% stake in Adani Transmission, taking its total ownership in the stock to 6.54%.

According to the latest June quarter shareholding pattern, mutual funds increased their stakes in 7 out of 10 listed Adani Group companies, while FPIs reduced their ownership in 6 companies.

In Adani Enterprises, MF ownership increased to 1.18% as of June end. In ACC, MF holding went up to 9.21% from 8.90%. After owning nearly nothing in Adani Power until a few quarters ago, MFs now hold a 0.04% stake in the company.

In Adani Green Energy, Adani Total Gas, and Adani Transmission, their stake went up marginally to 0.11%, 0.13%, and 0.14%, respectively.

Shares of ACC and Ambuja Cements ended over 4% higher after it was reported that Ambuja-ACC and JK Lakshmi Cement are ahead in the race to acquire Ahmedabad-based Sanghi Cement which is being sold for an estimated enterprise value of Rs 6,000 crore.

In the meantime, shares of Adani Total Gas and NDTV ended 5% higher each while Adani Ports and Adani Enterprises ended 2% up each.